Jakarta. PT Chandra Asri Petrochemical Tbk officially changed its name to PT Chandra Asri Pacific Tbk (Chandra Asri Group) with the stock code TPIA. 

The company gained the Law Ministry’s approval on Wednesday. Shareholders also granted their approval to the name change late last year. The name change is part of the company’s transformation as Chandra Asri Group diversifies its portfolio. The business has now expanded from just petrochemicals to chemicals and infrastructure.

"The name change to PT Chandra Asri Pacific Tbk was implemented in line with the company's efforts in diversifying its business to provide maximum benefits for all stakeholders," Chandra Asri Group’s director of human resources and corporate affairs Suryandi was quoted as saying in a recent press statement.

“We thank all the company's customers and partners for their consistent and never-ending support which has enabled Chandra Asri Group to continue to grow and make positive contributions to Indonesia,” Suryandi said.

Chandra Asri Group is currently diversifying its business in an effort to strengthen the company's performance. The company acquired PT Krakatau Chandra Energi (formerly PT Krakatau Daya Listrik) and Krakatau Tirta Industri in the infrastructure sector through its subsidiary, PT Chandra Daya Investment (CDI) at the beginning of 2023. 

Chandra Asri Group also planned to build a chlor-alkali and ethylene dichloride (CA-EDC) factory through its subsidiary, PT Chandra Asri Alkali (CAA) to expand its chemical sector. Chandra Asri Group also plans to build a second global-scale petrochemical complex (CAP2) to help Indonesia reduce its net imports.  

"The name change to PT Chandra Asri Pacific Tbk has emphasized all the business steps to provide a significant positive impact for stakeholders. Our commitment to customers and partners will remain the company's highest priority while opening up new opportunities to serve more customers and stakeholders. This new name also supports the company's vision to become the leading chemical and infrastructure solutions company in Indonesia," Suryandi said.